Why Cardano/ADA coin’s launch on Bittrex represents what I detest about cryptos

[Karpediem]

I’m not a cryptographer, mathematician or a coder. I can’t review or comprehend Cardano’s open source and ‘patent-free’ code. I can’t gauge if it’s truly evolutionarily groundbreaking since it yet needs to be used and openly reviewed by the community, not just a select few from the elite scientific / cryptographic house of lords.

Which is why probably when I went through Cardano’s website and documents it caught my interest – it hit all the right notes! ‘First crypto in highly secure Haskell, industrial strength’, ‘unit of account settlement layer, control layer for smart contracts’, ‘geared towards privacy protection rights of users, also taking into account needs of regulators’, ‘can evolve and adapt quickly without schisms by way of soft forks’, 'multi-purpose modular and flexible proof of stake Ouroboros', ‘airtight democratically governed blockchain model’ are just a few conspicuously outstanding statements.

Charles Hoskinson, CEO of IOHK – someone I admire (his Udemy course on bitcoin was one of my early researches into crypto) – tends to be politically correct which is good in the crypto sphere.

However when you wake up in the morning and see a half a billion dollar market cap ADA coin just jump in, launched on Bittrex - a highly reputable exchange at what I presume is over 10x the ICO price, you actually begin to wonder if Jamie Dimon and the other crypto-naysayers have a point.

Seeing as Cardano has some of the most respected members of the crypto-community, with a history of being through the ups and more importantly the downs; you’d think they’d take care while launching onto a prominent exchange, because when half a billion dollars appear overnight at exponential pricing, people are going to lose money and get hurt. And calling them plebes who have to do their due diligence isn’t something that’s expected from such leaders of the community.

The space is unregulated and needs responsible leaders and community members alike, or else we continue to raise red flags to bodies like the SEC, have more China like ICO refunds, and lot of people losing faith in something as revolutionary and disruptive as blockchain and cryptonougat.
 

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[mrtryonebiggums]

I do not feel as strongly as you do on this matter but I too have similar thoughts. When Hshare showed up at 1 billion and top 10 marketcap that also scared me and was like wait where did this come from? Now look where

it has gone, doubt it will make it back up. It does suck when the industry is highly unregulated and maybe this means we need to head towards some regulation but not an overwhelming amount. Also do note that legitimate

projects can show up on coinmarketcap just like that overnight. For example IOTA did a similar thing and they are still in the top 10 which shows strength for that cryptocurrency. As well SALT did the same thing and showed

up with nearly 200m mcap and is looking to be a strong and promising project. Therefore I think it works both ways but yeah I would agree that some regulation is necessary in the near future here.

[charleshoskinson]

I really appreciate threads like these because they fairly express feelings without trying to be hostile. The reality is that Cardano has been an ongoing project since mid-2015 in one capacity or another and only recently did the initial participants have a chance to exercise liquidity. The price didn't suddenly go up exponentially due to a big pump rather it was a reflection that two years of progress have occurred from setting up research centers to developing the core client since the last price signal.

Finally there original market was scoped to Asia and now a much larger set of people are considering Cardano. It's reasonable to assume a dramatic shift and lots of volatility.

[Gtr003121]

I really appreciate threads like these because they fairly express feelings without trying to be hostile. The reality is that Cardano has been an ongoing project since mid-2015 in one capacity or another and only recently did the initial participants have a chance to exercise liquidity. The price didn't suddenly go up exponentially due to a big pump rather it was a reflection that two years of progress have occurred from setting up research centers to developing the core client since the last price signal.

Finally there original market was scoped to Asia and now a much larger set of people are considering Cardano. It's reasonable to assume a dramatic shift and lots of volatility.

Why so many coins?

[DosManos]

Well, i dont trust in ICO's at all... i believe in the old school mined coins and development team
i will start investing in ICO's only after Komodo platform will run
thats when the change will really begin.
i see how the superNET team respects their platform, and the coins that will run on it, and i see a better future =]
when its safe enough to the world to really move into that technology, and not only start-ups

[Karpediem]

I do not feel as strongly as you do on this matter but I too have similar thoughts. When Hshare showed up at 1 billion and top 10 marketcap that also scared me and was like wait where did this come from? Now look where

Yes, I noticed the same too. Have you seen HShare's list of investors? Quite notable other than Bitmain is Citic; Citic is a Chinese state owned corporation with a dubious history of forex trading. This coin is quite likely to be highly centralised and I won't be surprised if it is affected by wild swings. Also, still too premature in its development for its valuation. A lot of traders are going to buy into this and lose money.

I really appreciate threads like these because they fairly express feelings without trying to be hostile. The reality is that Cardano has been an ongoing project since mid-2015 in one capacity or another and only recently did the initial participants have a chance to exercise liquidity. The price didn't suddenly go up exponentially due to a big pump rather it was a reflection that two years of progress have occurred from setting up research centers to developing the core client since the last price signal.

Finally there original market was scoped to Asia and now a much larger set of people are considering Cardano. It's reasonable to assume a dramatic shift and lots of volatility.

Hi Charles, kind of you to reply - delightfully surprised to see you here! However I don’t think the market played a role in the pricing, traders were and are mislead. Which isn’t really too difficult to do. When launched on Bittrex the price of ADA coin was arbitrarily anchored at a much higher price to establish higher trading levels than it would have if done fairly. I don't know if Bittrex or Cardano is responsible for this.

I think Cardano has a lot of things going well for it and could have fairly reached these heights maybe with a little more time, but instances such as this really makes a lot of us lose trust - one of the cornerstones of decentralisation is to ensure a powerful exchange or crypto elite do not manipulate pricing; if so we may as well as have banks and governments shelling us coins. 

[pinkflower]

Seeing as Cardano has some of the most respected members of the crypto-community, with a history of being through the ups and more importantly the downs; you’d think they’d take care while launching onto a prominent exchange, because when half a billion dollars appear overnight at exponential pricing, people are going to lose money and get hurt. And calling them plebes who have to do their due diligence isn’t something that’s expected from such leaders of the community.

If you dont like ADA because you think that its half a billion total market value is too much then dont invest. Ignore it.

If the market value was 100 million dollars or less would you invest in it? Its not the developers' fault that there are many people like you who considered buying ADA. The market value simply reflects the interest of the investors.

[Coink Coink]

Fresh news from Bitcoin Magazine:

https://bitcoinmagazine.com/articles/iohk-launches-cardano-blockchain-ada-now-trading-bittrex/

 

[jjacob]

The people who are investing in it (or pumping it up) really don't care about the basics. For them it is just another coin which they can pump to the moon and profit. True believers in the coin don't matter, for determining its price.

[HarryAnsour]

So far I love this coin, I'll hold as long as possible.
I hope I see it in Binance or Pollo soon.
By the way Binance is looking for strong community like this

[NaissuR]

So far I love this coin, I'll hold as long as possible.
I hope I see it in Binance or Pollo soon.
By the way Binance is looking for strong community like this

they will be listed everywhere dont worry ...

[Qpeep]

This is  a very nice thread with extensive reasoning instead of the usual low level statements with no information. Even though I know nothing about the ADA project, this thread has managed to rise my curiosity on the project.

[fedor3327]

Thankyou for this thread. I will be reseaching this also. The fact that Bittrex is interested must mean something. Seems there is a lot more to this than I first thought.

[NoiseBoy]

Thankyou for this thread. I will be reseaching this also. The fact that Bittrex is interested must mean something. Seems there is a lot more to this than I first thought.

Seriously! If bitcointalk were more like this thread and less like... well... 99% of other threads, it would be a much more valuable resource. Thanks for the inputs and insights folks.

[DiceTrader]

I would love to know the reasoning behind the amount of coins. Is it mainly for keeping the price stable long term or are there other considerations been taken?

[fracas]

I’m not a cryptographer, mathematician or a coder. I can’t review or comprehend Cardano’s open source and ‘patent-free’ code. I can’t gauge if it’s truly evolutionarily groundbreaking since it yet needs to be used and openly reviewed by the community, not just a select few from the elite scientific / cryptographic house of lords.

Which is why probably when I went through Cardano’s website and documents it caught my interest – it hit all the right notes! ‘First crypto in highly secure Haskell, industrial strength’, ‘unit of account settlement layer, control layer for smart contracts’, ‘geared towards privacy protection rights of users, also taking into account needs of regulators’, ‘can evolve and adapt quickly without schisms by way of soft forks’, 'multi-purpose modular and flexible proof of stake Ouroboros', ‘airtight democratically governed blockchain model’ are just a few conspicuously outstanding statements.

Charles Hoskinson, CEO of IOHK – someone I admire (his Udemy course on bitcoin was one of my early researches into crypto) – tends to be politically correct which is good in the crypto sphere.

However when you wake up in the morning and see a half a billion dollar market cap ADA coin just jump in, launched on Bittrex - a highly reputable exchange at what I presume is over 10x the ICO price, you actually begin to wonder if Jamie Dimon and the other crypto-naysayers have a point.

Seeing as Cardano has some of the most respected members of the crypto-community, with a history of being through the ups and more importantly the downs; you’d think they’d take care while launching onto a prominent exchange, because when half a billion dollars appear overnight at exponential pricing, people are going to lose money and get hurt. And calling them plebes who have to do their due diligence isn’t something that’s expected from such leaders of the community.

The space is unregulated and needs responsible leaders and community members alike, or else we continue to raise red flags to bodies like the SEC, have more China like ICO refunds, and lot of people losing faith in something as revolutionary and disruptive as blockchain and cryptonougat.
 

I thought the same exact thing as you (and I found this thread)... now market cap is: $12.974.632.055 USD. One thing is sure: we were damn wrong. We should have bought it without thinking as all people in the world are doing. That's crypto world. The mistake is to be rational.

[cryptohunter]

I’m not a cryptographer, mathematician or a coder. I can’t review or comprehend Cardano’s open source and ‘patent-free’ code. I can’t gauge if it’s truly evolutionarily groundbreaking since it yet needs to be used and openly reviewed by the community, not just a select few from the elite scientific / cryptographic house of lords.

Which is why probably when I went through Cardano’s website and documents it caught my interest – it hit all the right notes! ‘First crypto in highly secure Haskell, industrial strength’, ‘unit of account settlement layer, control layer for smart contracts’, ‘geared towards privacy protection rights of users, also taking into account needs of regulators’, ‘can evolve and adapt quickly without schisms by way of soft forks’, 'multi-purpose modular and flexible proof of stake Ouroboros', ‘airtight democratically governed blockchain model’ are just a few conspicuously outstanding statements.

Charles Hoskinson, CEO of IOHK – someone I admire (his Udemy course on bitcoin was one of my early researches into crypto) – tends to be politically correct which is good in the crypto sphere.

However when you wake up in the morning and see a half a billion dollar market cap ADA coin just jump in, launched on Bittrex - a highly reputable exchange at what I presume is over 10x the ICO price, you actually begin to wonder if Jamie Dimon and the other crypto-naysayers have a point.

Seeing as Cardano has some of the most respected members of the crypto-community, with a history of being through the ups and more importantly the downs; you’d think they’d take care while launching onto a prominent exchange, because when half a billion dollars appear overnight at exponential pricing, people are going to lose money and get hurt. And calling them plebes who have to do their due diligence isn’t something that’s expected from such leaders of the community.

The space is unregulated and needs responsible leaders and community members alike, or else we continue to raise red flags to bodies like the SEC, have more China like ICO refunds, and lot of people losing faith in something as revolutionary and disruptive as blockchain and cryptonougat.
 

I thought the same exact thing as you (and I found this thread)... now market cap is: $12.974.632.055 USD. One thing is sure: we were damn wrong. We should have bought it without thinking as all people in the world are doing. That's crypto world. The mistake is to be rational.

Dangerous rational to employ.

ICO can got to 50 trillion zillion squillion if a few of the whale ico insiders and colluders decide that's where they want it.

It can also go to nothing if they want.

Forget looking at coinmarketcrap as the single best indication of a good project.

I have no doubt this project is worth while but it is obviously in an over inflated bubble that will pop when the whales decide they want their fiat or btc.

I don't trust ICO's especially those that appear at 10x ico prices and just rise from there.

Charles seems a cool guy but don't dream you can assume other whales holding huge swathes of it are essentially cut from the same cloth. This is a btc and fiat minting machine for them as are the rest. The jumping from tech train to tech train will continue forever get ready to leave one for the next one now arriving.

All these projects appearing from nowhere via ico going to multi billions are fake caps. You really think even 100M in fiat could be squeazed out of any of them you are wrong.

I will say again coin market crap means NOTHING. It is the most dangerous site in crypto bar none.

When people quote cmc as a proof of great project it is mostly laughable.

[fracas]

I’m not a cryptographer, mathematician or a coder. I can’t review or comprehend Cardano’s open source and ‘patent-free’ code. I can’t gauge if it’s truly evolutionarily groundbreaking since it yet needs to be used and openly reviewed by the community, not just a select few from the elite scientific / cryptographic house of lords.

Which is why probably when I went through Cardano’s website and documents it caught my interest – it hit all the right notes! ‘First crypto in highly secure Haskell, industrial strength’, ‘unit of account settlement layer, control layer for smart contracts’, ‘geared towards privacy protection rights of users, also taking into account needs of regulators’, ‘can evolve and adapt quickly without schisms by way of soft forks’, 'multi-purpose modular and flexible proof of stake Ouroboros', ‘airtight democratically governed blockchain model’ are just a few conspicuously outstanding statements.

Charles Hoskinson, CEO of IOHK – someone I admire (his Udemy course on bitcoin was one of my early researches into crypto) – tends to be politically correct which is good in the crypto sphere.

However when you wake up in the morning and see a half a billion dollar market cap ADA coin just jump in, launched on Bittrex - a highly reputable exchange at what I presume is over 10x the ICO price, you actually begin to wonder if Jamie Dimon and the other crypto-naysayers have a point.

Seeing as Cardano has some of the most respected members of the crypto-community, with a history of being through the ups and more importantly the downs; you’d think they’d take care while launching onto a prominent exchange, because when half a billion dollars appear overnight at exponential pricing, people are going to lose money and get hurt. And calling them plebes who have to do their due diligence isn’t something that’s expected from such leaders of the community.

The space is unregulated and needs responsible leaders and community members alike, or else we continue to raise red flags to bodies like the SEC, have more China like ICO refunds, and lot of people losing faith in something as revolutionary and disruptive as blockchain and cryptonougat.
 

I thought the same exact thing as you (and I found this thread)... now market cap is: $12.974.632.055 USD. One thing is sure: we were damn wrong. We should have bought it without thinking as all people in the world are doing. That's crypto world. The mistake is to be rational.

Dangerous rational to employ.

ICO can got to 50 trillion zillion squillion if a few of the whale ico insiders and colluders decide that's where they want it.

It can also go to nothing if they want.

Forget looking at coinmarketcrap as the single best indication of a good project.

I have no doubt this project is worth while but it is obviously in an over inflated bubble that will pop when the whales decide they want their fiat or btc.

I don't trust ICO's especially those that appear at 10x ico prices and just rise from there.

Charles seems a cool guy but don't dream you can assume other whales holding huge swathes of it are essentially cut from the same cloth. This is a btc and fiat minting machine for them as are the rest. The jumping from tech train to tech train will continue forever get ready to leave one for the next one now arriving.

All these projects appearing from nowhere via ico going to multi billions are fake caps. You really think even 100M in fiat could be squeazed out of any of them you are wrong.

I will say again coin market crap means NOTHING. It is the most dangerous site in crypto bar none.

When people quote cmc as a proof of great project it is mostly laughable.

I am with you but after a 21X the price seems stable too. Early investors did 210X (japanese people only). When I saw the first day it were at 10X I thinked it was overpriced already.

[QFT]

Well, i dont trust in ICO's at all... i believe in the old school mined coins and development team
i will start investing in ICO's only after Komodo platform will run
thats when the change will really begin.
i see how the superNET team respects their platform, and the coins that will run on it, and i see a better future =]
when its safe enough to the world to really move into that technology, and not only start-ups

I would love to go back to the older days.. where people wouldn't even look at premined coins. Where we were all mining and we would see where the project would go.
Look at what is has become now, ico's, huge listing fee's, coinmarketcap cherry picking what coins they will allow in the top 50, one team is allowed to launch on bittrex another will never be allowed on there.

And the list goes on and on.. but this is what crypto has become now.

[Crypington]

I get what you are saying, but this is not unique to ADA, but can see the point you are making.  ADA exemplifies the problem.  Cryptos take wild swings on good/bad news, and frankly, the market is so small and spread so thinly that is doesn’t take much to create wild volatility.  It’s why you should only play here money you can afford to lose.